Approaches for Staff Retention, Skill Development, and Learning
Keywords:
Skill Development, Learning, Training, Economic, PolicyAbstract
This article explores the critical role of training and skill development in addressing challenges faced by public and private sector banks in the ever-evolving banking sector. Against the backdrop of globalization and deregulation, the article emphasizes the need for a robust employee retention strategy. It delves into the historical evolution of banking in India and analyzes the current scenario marked by technological advancements. Highlighting the differences between public and private sector banks, the article underscores the importance of a well-defined employee retention policy. Drawing on relevant theories such as Herzberg’s two-factor theory, Maslow’s Hierarchy of Needs, and Vroom’s Expectancy theory, it establishes a connection between employee satisfaction, motivation, and organizational success.
The article advocates for a comprehensive approach to employee training, addressing the rapid changes in technology and the evolving needs of the banking sector. It proposes a detailed training evaluation process, encompassing individual and organizational levels, to assess program effectiveness. Furthermore, the article discusses the significance of employee promotion as a tool for retention, emphasizing the need for a growth path within organizations. By embracing these strategies, banks can build an engaged and skilled workforce capable of navigating the challenges posed by the competitive banking industry.
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